Financing to Support Growth from 2+ GW Solar and Storage Pipeline

JERSEY CITY, N.J., Dec. 16, 2025 /PRNewswire/ -- Soltage, a leading independent power producer developing, financing and operating distributed solar and energy storage assets across the U.S., today announced the closing of an $80 million syndicated development revolver facility. The facility is led by First Citizens Bank as sole bookrunner, administrative agent and coordinating lead arranger and EastWest Bank as coordinating lead arranger.

The new multi-year revolver is intended to finance development-stage expenditures — including interconnection deposits and equipment procurement — enabling Soltage to deploy capital efficiently across its growth pipeline. This marks Soltage's first major pre-notice-to-proceed (pre-NTP) financing vehicle, underscoring the company's strengthened market reputation and expanded financial capacity.

"This financing milestone represents a strong addition to Soltage's financial resources and underscores the confidence our banking partners have in our business model," said Chaim Grushko, Senior Vice President at Soltage. "We are grateful to First Citizens Bank and EastWest Bank for their support, and to the internal teams whose efforts brought this to fruition."

"We are pleased to continue our relationship with Soltage by providing this latest development financing," said Mike Lorusso, Group Head for First Citizens Bank's Energy Finance. "Soltage is a leader in developing solar and energy storage projects across the U.S. and we are excited to support their continued growth."

The facility will support Soltage's development of solar and energy storage projects across key U.S. markets, helping deliver reliable and cost-effective clean energy solutions to communities, utilities, and commercial and industrial clients.

Soltage has developed more than 125 clean energy projects totaling over 500 MW of distributed generation capacity. The company continues to expand its footprint nationwide with a growing pipeline of solar and storage assets.

About Soltage
Soltage is a leading Independent Power Producer focused on the development, financing, and operation of distributed utility-scale solar and storage assets for utility, commercial, industrial, and municipal customers across the United States. Soltage has developed more than 125 clean energy projects totaling more than 500 MW total distributed generating capacity. Soltage is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com. 

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

About EastWest Bank
East West Bank provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: "EWBC") with total assets of more than $78 billion, as of June 30, 2025. The company's wholly owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas and Washington. For more information on East West, visit www.eastwestbank.com.